By Chris Wack
TAL Education Group (TAL) shares dropped 10% to $48.50 premarket after the company said its earnings for the third quarter missed analysts' expectations.
The Chinese tutoring services provider said third-quarter earnings came in at $28.2 million, or 5 cents a share compared to $123.8 million, or 21 cents a share, in the same period a year ago. Analysts polled by FactSet were looking for earnings of $75 million, or 12 cents a share.
Revenue for the quarter came in at $862.4 million, compared to last year's $586 million and the $840 million analysts were expecting.
TAL Education said based on current estimates, its total revenue for the fourth quarter is expected to be $959.1 million to $980.9 million. Analysts are looking for fourth-quarter revenue of $1 billion.
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